India’s crude oil imports experienced a 13% decline in March compared to pre-war levels in February, largely influenced by the ongoing U.S.-Israeli conflict with Iran that disrupted shipments through the Strait of Hormuz. Shipping data has revealed that about half of India’s imports during this period originated from Russia.
As the world’s third-largest oil importer and consumer, India imported approximately 4.5 million barrels per day (bpd) of crude oil in March, according to industry sources. Shipments from Russia nearly doubled from February, reaching 2.25 million bpd, while imports from the Middle East plummeted by 61%, dropping to 1.18 million bpd.
The Strait of Hormuz, which typically facilitates around one-fifth of global oil supply, has seen a significant reduction in traffic following actions by Iran and the United States that have effectively blocked vessels from transit. Reports indicate that only a limited number of oil tankers have arrived in India over the last two months, and two Indian-flagged vessels were reportedly attacked while attempting to pass through the strait recently.
In March, the proportion of Middle Eastern oil in India’s overall crude imports fell to a historic low of 26.3%. Shipments from Iraq and the United Arab Emirates reached multi-year lows during this period. In response to diminishing Middle Eastern supply, Indian refiners increased their purchases of Russian oil, capitalizing on the opportunity to acquire sanctioned supply after the U.S. granted New Delhi a waiver.
India’s imports of Russian oil are anticipated to remain significant following a recent renewal of the waiver by the Trump administration, allowing countries to continue buying sanctioned Russian oil at sea for roughly another month. In March, Russia emerged as India’s leading oil supplier, with Saudi Arabia taking second place, surpassing Iraq. Angola ranked third, as Indian refiners turned to Africa for increased imports to offset the shortfall from the Middle East, followed by the United Arab Emirates and Iraq.
Consequently, OPEC’s share of India’s total oil imports has declined to 29%, marking the lowest level recorded. In the fiscal year ending March 2026, Indian imports of Russian oil decreased by 6.2% compared to the previous year, as refiners moderated purchases from Moscow to facilitate an interim trade agreement with the United States. This reduction contributed to a decreased share of the Commonwealth of Independent States in India’s oil imports and assisted in increasing the share of Middle Eastern oil—diminishing Russian oil’s share from 36% to 33%.
(Reporting by Nidhi Verma; Editing by Florence Tan and Muralikumar Anantharaman)
Published on April 21, 2026.
